No real changes in USDA report

Tuesday’s April USDA report was pretty non-eventful with no really big changes to speak of.

The news was disappointing for most of the bulls out there as it was a surprise. USDA left ending stocks basically the same for both corn and soybeans but did raise wheat from 568 million bushels to 590. This was right at the high end of trade expectations.

Traders were actually looking for a bit of an increase in corn and soybean exports given some recent announcements.

Moving forward this spring, the big factor will be the weather and how it cooperates for planters getting out in the fields.